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Make the general journal entries to record the information

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Reference no: EM132714220

The following information relates to Brodin Co for the financial year ended 30 June 2020:

Balance as at 1 July 2019:

Share capital, 100,000 fully paid ordinary shares, issued at $2.

Retained earnings, $50,000.

General reserve, $75,000.

Tax payable, $55,000

During the year:

Interim dividend, declared and paid, $12,500.

Net income for the year before tax, $175,000

Tax paid, $55,000.

Additional information:

  1. The directors of Brodin Co have decided to transfer $5,000 to the general reserve, and to provide for a final dividend of 10 cents per share.
  2. The estimated company tax payable in respect of the financial year 2020 is $52,500.

Required:

Problem a) Prepare the general journal entries to record the information above for transactions that occurred during the year and additional information.

Reference no: EM132714220

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